TSB has recently introduced an appealing offer for those looking to switch their current account, with a total value of £190 up for grabs. By opening one of its cashback current accounts, you can receive £100 for switching, enjoy triple cashback on Spend and Save accounts (up to £90), and even choose an additional reward like a hotel stay, cinema tickets, or a Now TV subscription.
To be eligible for this switching deal, you must use the Current Account Switch Service, log in to the TSB mobile app, and complete at least five debit card transactions by September 27th. The £100 reward will be credited to your account between October 15th and 25th. It’s important to note that if you have previously received an incentive for switching to TSB since October 1, 2022, or if you are switching from another TSB account, you will not qualify for this offer.
If you decide to stay with TSB until April 2025, you can earn up to £90 in cashback, along with the opportunity to choose a bonus reward such as a hotel stay, cinema tickets, or a Now Entertainment membership. The Spend and Save current account, which is free, allows you to earn up to £5 cashback per month for the first six months when you make 20 debit card payments monthly. However, with the current switching offer, you can triple your cashback earnings, up to a maximum of £90.
On the other hand, the Spend and Save Plus account offers the same benefits as the basic version but comes with a £3 monthly fee. This account allows you to earn £5 cashback every month without any time limit when you make 20 debit transactions monthly. Additionally, you can earn up to £90 during the first six months due to the triple cashback rate. Moreover, the account provides an overdraft of up to £2,000, with the first £100 being interest-free and no fees on debit card transactions worldwide.
Although TSB’s switching offer may seem attractive, it’s essential to consider whether TSB is a good provider. In a recent survey, TSB ranked joint 18th out of 21 providers in terms of customer satisfaction, with a customer score of 69%. While it received average ratings for customer service, complaint resolution, and online/mobile banking, it only received two stars for its branch and telephone banking services. Furthermore, in terms of online and mobile security, TSB came joint 9th out of 11 banks assessed, with a test score of 67%.
Comparing TSB’s offer to the competition, Barclays currently has a similar deal available where new customers can receive £175 for switching their bank account and joining the Blue Rewards Scheme. This scheme, which costs £5 per month, offers cashback on spending and additional perks like streaming subscriptions. To apply for this deal, you must be a new customer and use the Barclays mobile banking app.
In conclusion, TSB’s current account switching offer provides an opportunity for customers to earn rewards and cashback, but it’s important to carefully review the terms and conditions, as well as consider TSB’s overall customer satisfaction ratings before making a decision.